All Forum Posts by: Chris Rosenberg

@Jian Zheng I like those neighborhoods. Like you, I am just starting out and I have been looking for a property for a few months now. I grew up in queens so I am familiar with the area. I think the odds of a duplex having positive cashflow is a lot better than a single fam home in NYC but I'm no expert. I have a really good Microsoft excel spreadsheet that I like to use when I'm figuring out numbers on potential properties. You can plug the numbers in and see for yourself what looks good for you. I can email it to you.

@Jian Zheng

You can definitely find something for 300-400k in Queens for a duplex but it will most likely be in Jamaica, St. Albans, Hollis, etc. You might get lucky in Ozone Park for a duplex for $400k. If you get into the 400-500k range your options start to increase. In this range you should be able to find a duplex maybe with an illegal but rentable basement apt in Ozone Park, East Elmhurst, Flushing, Queens Village, Cambria Heights, Rosedale, maybe Jackson Heights and College Point. I would be surprised if you can find a condo in NYC that will cash flow.

The area is definitely nice. What price range are you looking at?

@Michael Kev

Which neighborhood were you looking in? This makes a huge difference in Brooklyn. I'm not really sure how much more rents can go up from where they are now, but if you're able to squeeze another $100 of rent out of each apt next year that's about an extra $5,000 in your pocket. You are also building up significant equity even though most people would argue this is useless. Let's put it this way. NOI is almost $50,000. You're looking at a 6.6% cap based on your numbers. Not terrible for certain parts of Brooklyn. Then again, I'm just a beginner, so take my advice lightly.

@Kay Lee Which area of Brooklyn are you looking in? I'm also looking for a triplex or more likely a duplex with a third apt in the basement in Brooklyn, preferably Bed Stuy or the surrounding area.

Keith, that is definitely something I need to keep in mind. What are the typical rents for a one two and three bedroom apt in those areas?

Keith, thanks that was helpful. Yes I mean a 3 family house. I'm looking to spend 500k. What do you think?

Welcome to BP Keith. Since you're a rental expert in Brooklyn maybe you can help me out a bit. What would you say are the vacancy rates and market rents of the good areas of Bed Stuy, Bushwick, and Cypress Hills? What are your thoughts on those neighborhoods for a triplex investment? Thanks.

@mark redmann

Thanks, I appreciate the offer. However, I recently decided that for me to invest in Philly is not ideal for my first investment. I'm instead going to look for something closer to where I live and where I am already familiar with in New York. Thank you though.

@Darren Sager

I browsed the MLS.I haven't begun to try and locate deals yet.